Funding is not our goal — it’s what we do with it that matters. You’ll never catch us toasting to a change in valuation or throwing a party after raising a new round. When you buy a house, you don’t commemorate the day you finally got a mortgage — you commemorate the day you moved in and started a new life for yourself. We’ve always thought of fundraising in the same way.
We launched publicly a little over three years ago, and we’ve come a long way since then. As of today, more than 30,000 small businesses across the country take care of their teams #WithGusto. That means we’re running payroll for over 0.5 percent of all employers in the United States. But there’s still much more work to be done.
Given our momentum, we decided to increase the size of our previous financing round from $50M to $75M (at a $1 billion pre-money valuation). This additional $25M for our Series B-2 brings our total funding to $161.1M.
Our focus is on serving our customers well, in a way we’re proud of. I always emphasize to the team that funding is an enabler, not a destination. It’s what allows us to live our value of not optimizing for the short term so we can work on building a business for the long run.
Today, we’re also proud to share that we’re expanding our health benefits platform so small businesses can take care of their teams in a more holistic way. We’re now available in five states — California, Texas, Colorado, New York, and Illinois — with additional states coming soon. This unified service is the vision we had back when we started Gusto. As we build out our People Platform, you can expect even more services that will help employers everywhere put people first.
This is a marathon — not a sprint — because we believe there are no shortcuts to building a great company. We’re proud to be solving meaningful problems for small businesses everywhere, an extremely deserving but previously underserved audience. I want to thank all of our investors and customers for their continued support. This is just the beginning.